Dave, Eric, Chris, Joshua, and I stayed awake for most of all last night, and broadcast live from TraderRadio.net. The intended (or advertised) purpose was to spend time getting ready to trade the Non Farm Payroll report on Friday morning.
Now, you must know that "trading the news" -- or any fast-paced, emotional, impulsive, speedy trading, for that matter -- is something that I oppose publicly. I think that news-trading is a great way to try to make a lot of money from an unpredictable, volatile market. It's also a way to increase one's expectations without increasing one's skills. For me, it's the epitome of the something-for-nothing attitude that so often pervades the self-help and especially investing How-To Web sites and books.
That said, we thought we'd spend some time looking at short term charts through the night and broadcast live during the entire process to document how it is that a trader could go about getting ready for such a thing as making money from the unpredictable news event of the month, the most influential economic report, and at a time when most currency dealers have poor execution, variable spreads, and overwhelmed customer service.
What we found was interesting: we first of all had a great time, as you can hear for yourself by listening to the archives by clicking here. We had phone calls from successful traders, bank analysts, as well as Boris Schlossberg, who is arguably the most articulate retail forex analyst in the world. We also had phone calls and analysis from a cast of characters that had no business talking about trading: Buford McGill, the man who thinks Ben Bernanke needs a spanking, Frankie and La Earl, Doctor Von Econowitz, and more.
More importantly, we found that some of the best trades can really be taken in the evening hours before the NFP is released -- when the market is easing off of taking positions and settling down before the big shock hits at 8:30 am EST.
Over 2,000 people came to listen overnight. We appreciate all of you who stopped by for a listen.
You can be sure that we'll do it again, and we'll do it bigger and better than ever.
